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How Can We Become More Successful in Fostering Early Stage Ventures?

How Can We Become More Successful in Fostering Early Stage Ventures?. Kjell-Håkan Närfelt Chief Strategy Officer, VINNOVA kjell-hakan.narfelt@VINNOVA.se. First some words on VINNOVA…. VINNOVA is Sweden ’ s Innovation Agency. 2 billion SEK were invested in Swedish R&D 2009 by VINNOVA.

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How Can We Become More Successful in Fostering Early Stage Ventures?

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  1. How Can We Become More Successful in Fostering Early Stage Ventures? Kjell-Håkan Närfelt Chief Strategy Officer, VINNOVA kjell-hakan.narfelt@VINNOVA.se

  2. First some words on VINNOVA…

  3. VINNOVA is Sweden’s Innovation Agency

  4. 2 billion SEK wereinvested inSwedish R&D 2009 by VINNOVA BY COUNTY WITHTOP 25 RECIPIENTS 500- 250-500 200-250 150-200 125-150 100-125 75-100 50-75 20-50 0-20 (mkr) BY SECTOR 1807 R&D projectsreceivedfunding 614 of theseinvolved SME’s

  5. Public R&D-funding in Sweden per receiving body (budgets 2008) Swedish GDP 3 220 bn SEK Public R&D funding: 0.84 % of GDP = 27.1 bn SEK Ministry of Education and Research Min. ofEnviron-ment Min. of Health &SocialAffairs Ministry of Enterprise, Energy and Communications Univer-sities 12 bn SEK 42% Swedish Science Council 3.6 bn SEK 13 % Formas 0.7 bn SEK 3 % FAS 0.3 bn SEK 1 % VINNOVA 1.8 bn SEK 7 % Energy Agency 0.9 bn SEK 3 % Space 0.8 bn SEK 3 % Other Civilian Agencies 2.8 bn SEK 7 % Public reseach foundations 1.5 bn SEK 6 % Defence Agencies 1.5 bn SEK 11 % Mainlycuriosity driven Mainlyneeds driven

  6. Sustainable society Competitiveness of Swedish industry Improved innovation capabilities Sweden 2020 Sustainable and attractivecities Health and wellness of citizens Challenge-led innovation and growth Competitiveproduction in industry and public sector Information Society 3.0 Strategy areas

  7. VINNOVA Innovationsbron Venture Cap, e.g.Industrifonden The Support System for Commercialisation New companies Launch and establish Create and Verify Market exploitationintensive R&D- intensive Grow and Expand Improve and renew Established firms

  8. Investment & Utilization of research and innovation (R&I) Innovation capacity SMEs Verification Effective cooperation Globally competitive innovation environments Test- and Demo sites Universities R&I projects Coaching Public sector INNOVATIVE STRENGTH R&I projects for growth Industry Research institutes Participation in Intl cooperation Intermediaries Benchmarking Bilateral R&I cooperations Catalyzing meeting places Strategy processes Swedish participation in EU R&D programs Policy development Global linkages

  9. We need to be better in commercialising our research or.. How Can We Become More Successful in Fostering Early Stage Ventures?

  10. Is Our Challenge A Funding Gap?

  11. Performance of US and EU Seed Funds? Source: Thomas Reuters Performance Data 2008-12-31

  12. More Money…? Or are we working ineffectively?

  13. Business Growth Business Operation Valorisation of Research and Technology – Current Situation Business Plans, Patents, Prototypes Technology Invention Requirement: A Newco AB

  14. After You Have Received Funding… Prototyping • It’s all about product development… • …and execution... • Drives organisation development • Drives sales and marketing • Drives costs Alpha test Beta test Launch Business Operation in early stages

  15. Do ventures fail due to the lack of products or technologies? No, they fail because they lack customers and proven business operations

  16. Business Growth Business Operation Business Invention Business Creation Valorisation – A Reference Model For Tackling The Right Risks First Technology Invention • Operational Efficiency • Innovation • Verify Sales process & Business Model • Reference Customers • Investor Value Proposition • Business System • Beachhead on market • Operational Effectiveness • Verify Business concept & customer value proposition • NABC

  17. Conclusions

  18. Focus on verifying your value proposition = customer benefits of business concepts Then learn how to sell and make money = business benefits of customer value propositions

  19. From funding gaps to investment readiness • it’s about customer driven invention and verification of business concepts

  20. From product development and execution to learning and discovery driven processes • it’s about understanding and discovering what will make your venture successful

  21. You are not out there selling –You are trying to understand the customer, the competition, the market and the industry

  22. Thanks for Your Attention!

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